Octagon Strategy, one of the largest cryptocurrency brokers in Asia, remains optimistic about Bitcoin (BTC) despite the downward trend of the price that has recently fallen below the $ 6,000 mark last Friday although it shows more than $ 6,500 today. The chief trader of the company told CNBC on July 1 that the downward spiral of prices does not worry the company because the Bitcoin would finally come out of its icy winter.
Octagon remains cautiously optimistic
Ryan Rabaglia Octagon Strategy's chief trader turned to CNBC on July 1 saying:
"I think it's more interesting to remember where we come from in this market and from year to year we're up more than 100%. "Traditional media as well as financial institutions have shown a new wave of bearish sentiment following the fall in the price of Bitcoin. The future of cryptocurrency and crypto-markets in general is questioned.
Regulation is "a double-edged sword"
Rabaglia believes that the future regulation of the cryptocurrency industry will have a positive impact on the value of the BTC and altcoins by bringing a more formalized landscape around the world.
"I see him as a double-edged sword. The uncertainty surrounding this regulation is what puts pressure on this market and pushes it further, because people do not know exactly where it will end up. ""At the same time, this regulation will improve it in the long term. Once we have established this legislation, the traditional professional players that will enter the market will get support from the regulators. "
Octagon has already felt strong demand from the cryptocurrency industry following the announcement of a possible regulation of cryptocurrencies. Dave Chapman, the company's general manager, has received requests for information on Bitcoin from financial institutions in Hong Kong.What do you think of Octagon Strategy's bullish forecast on the flagship cryptocurrency? Let us know in the comments section below.